Trent gains as Tesco completes stake buy in arm

Tesco completes stake buy in company's arm Trent Hypermarkets Ltd

Shares of Trent were up over 1.3% at Rs 1,057 after the company said that UK-based Tesco has completed purchase of part of the equity shares held by Trent in its wholly-owned subsidiary Trent Hypermarkets Ltd.

As envisaged by the definitive agreements executed earlier, Tesco, through a wholly owned subsidiary, has concluded its purchase of part of the equity shares held by the Company in Trent Hypermarkets Ltd (THL) and subscribed for additional THL equity shares,

Consequently. Trent and Tesco will each hold a 50% stake in THL, Trent said in a release to the Bombay Stock Exchange.

The stock opened at Rs 1,055 and touched a high of Rs 1,067 so far. Nearly 10,000 shares were traded on both the stock exchanges so far.